Ethereum Rises 50%: Top Experts Claim This Is the Best Crypto to Buy Right Now

Ethereum has surpassed the $2,400 mark for the first time since March this year, marking a significant recovery for the second-largest cryptocurrency by market capitalization. This increase reflects a substantial 50% rise over the past month, far exceeding Bitcoin's 19% gain during the same period. As a result, market experts increasingly view Ethereum as the leading cryptocurrency for investment. The Potential Price of Ethereum to Surge Notably, VirtualBacon, a figure in the cryptocurrency analysis community, recently asserted, "Ethereum is the best cryptocurrency to buy right now." He emphasized that although the price of Ethereum may not rise as sharply as some other cryptocurrencies, its fundamental strength remains intact. In a recent post on social media X (formerly Twitter), VirtualBacon highlighted its timeline and update goals regarding the price of Ethereum, noting that this cryptocurrency is trading at nearly $2,500, a significant recovery from the lows reached in 2022 during the market sell-off in April. According to analysts, an important indicator of Ethereum's potential is the ETH/BTC trading pair, which has recently recovered from a multi-year support level. Historically, such recoveries often signal the beginning of an altcoin cycle, in line with shifts in global liquidity. VirtualBacon asserts that if the price of Ethereum can reclaim the Fibonacci retracement level of 0.382 against Bitcoin, it could see a significant increase of around 60%. A subsequent retracement to the 0.5 level would push its value above 0.05 BTC, reinforcing the bullish sentiment surrounding Ethereum. Currently, the price of Ethereum is consolidating around these important levels, seen as a strong accumulation range before macroeconomic conditions change. VirtualBacon Project $10,000 For ETH The analyst also argued that while Solana (SOL) is faster in transaction speed, Ethereum remains the backbone for most real-world applications (RWA) and stablecoins. It is also the only altcoin recognized as a commodity under legal terminology, gaining trust from institutional investors. Looking ahead, Ethereum's future performance is closely tied to the Federal Reserve's monetary policy decisions (Fed). With quantitative tightening (QT) slowing down to 5 billion dollars a month—the lowest level in recent history—analysts are eagerly anticipating a potential pause in QT in the third or fourth quarter of this year. VirtualBacon predicts that this pause could trigger the bottoming out of the ETH/BTC pair, paving the way for a significant upward move in the price of Ethereum. VirtualBacon maintains a bullish outlook for Ethereum, suggesting that if Bitcoin reaches $200,000, ETH could target a price of $10,000. If Bitcoin rises further to $250,000, the price of Ethereum could soar to $12,000.